Monday, June 30, 2014
Monday, April 7, 2014
Market Update For The Week Ending April 7th
You’d never know it from stepping outside, but the weather is improving and while we are still waiting for that one last snow fall (yes, you know it’s coming), we know the general trend points to warmer temperatures ahead and that can only mean one thing....more listings. Hallelujah!
Buyers were relieved last week as listings of freehold homes in the core improved by slightly over 11%. The number of sales remained unchanged but with more homes on the market, the number of multiple offers retreated 4% off the historic high of the week before (70%). The west core was the only area where available listings dropped yet sales increased signifying a tightening in that market. In the east core, the opposite held true. There we saw a significant increase in available listings (up 34%) and a 20% decrease in sold properties. It is often interesting to see how the tide in buyer habits shifts east to west and then back again, while the central core remains relatively constant.
The condominium market saw a significant increase in the number of new listings coming to market last week. This was most notable in the entry level and move up markets ($200k-$400k and $400k-$700k) in the central core where 148 suites where added to those categories. Both the east and west core saw little change to their availability levels. The good news is that, across the core, the number of suites selling at or over the list price has remained consistent over the last three weeks at 25%.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 220 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately report on the true temperature of the real estate market.
Here Are The Top Five Trending Stories Of The Week:
TD CEO Backs Ottawa's Hands-Off Approach To Mortgage Rate Cut
Toronto-Dominion Bank’s chief executive officer has given his approval to Ottawa’s reaction to recent mortgage rate cuts.
BMO's Mortgage Rate Cut Won't Have Big Impact On Housing Market
The amount of chatter that the Bank of Montreal’s mortgage rate cut generated this week is more proof that Canadians are not yet sick of talking about real estate. But it's unclear how much of an effect the new 2.99 per cent five-year rate will have in terms of driving new buyers to the market.
Too Little Known About Health Of Housing Market: Economist
OTTAWA -- One of Canada's foremost experts on the housing trends and household debt says what we don't know about the market could hurt us.
Too Many Questions Around Canada's Housing Market: CIBC Economist
The lack of public data around Canada’s housing market is “mind-boggling” and could leave the country, and the economy, especially vulnerable when interest rates start to rise, says a leading bank economist.
Home Sales, Prices In GTA Jump In March
Sales of existing homes picked up in the Toronto area during March after a sluggish winter, coming in 7.2 per cent higher than a year earlier.
Tuesday, November 12, 2013
Use 2 deposits for buyer
protection
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Mark Weisleder
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November
11, 2013
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Unfortunate occurrences are
taking place in the Toronto real estate market when buyers have a change of
heart after inspecting a home. The sellers are refusing to return the deposit.
Here's what is happening:
Most real estate offers in the
GTA today contain substantial deposits, in many cases $25,000 or higher. The
accepted offer is conditional on the buyer being satisfied with the results of
a home inspection report, completed by a professional home inspection company.
The buyer conducts the inspection and then says they are not satisfied with the
home, and ask for their money back. The sellers are upset, because if other
buyers hear about this, they will ask what is wrong with the house. The seller
can't answer because the first buyer does not have to give them a copy of the
inspection report.
In general, the courts have
indicated that when buyers are trying to satisfy any condition, including a
home inspection condition, they must act honestly, reasonably and in good
faith. Unfortunately this will have to be proven in court, and the result is that
a buyer's deposit could be held up for up to 2 years while this is being
argued.
Sellers are not entitled to a
copy of the inspection report unless it says so in the clause itself. In my
opinion, sellers should always include a clause in any offer that if the buyer
wants to negotiate a reduction or cancel the deal because of problems in the
inspection report, then the buyer must give the seller a copy of the report.
This will give the seller the opportunity to check this for themselves, with
their own inspector or contractor, and will be able to explain it to any future
buyer.
If the buyer does not conduct
the home inspection at all, or perhaps brings in an unqualified person to
conduct the inspection, then I believe that these might be examples of not
acting reasonably and in good faith and it would thus be difficult for a buyer
to try and cancel the agreement and argue that they acted in good faith. It is
thus very important that buyers always use qualified home inspectors to conduct
any inspection of a home.
Sunday, October 20, 2013
Saturday, May 25, 2013
Open Letter to Mayor Rob Ford
Dear Mayor Ford,
It is with great concern for our wonderful city that I am
writing this open letter to you.
I listened to your response today about the allegations that
have been made about your possible substance abuse and was very disappointed
with your public statement. While you addressed the crack cocaine issues,
you completely avoided the broader issue of possible substance abuse, or other
personal issues, that may be of concern to the citizens of Toronto. These
are concerns not only raised by the media, but also by members of your council
and your inner circle.
You, as the Mayor, should be representing our city in a
professional and positive manner. You are not doing this by being
evasive. You are only creating more questions, and in doing so, are doing
a great disservice to our city.
Further to this point, you have not been representing us,
your constituents, in a positive manner for quite some time. You always
look completely dishevelled and often look like you have had too much to drink,
or have some other problem that creates that appearance.
There is no excuse for a person in your position of importance
to not be well dressed, and to present themselves in best light, when publicly
representing the city of Toronto.
You are a person of reasonable wealth, so there is no excuse
for you to not have clothing that fits properly and looks good. Quite frankly,
your public appearance is a disgrace.
If you want to continue to represent our city it should be
your duty to ‘clean up your act’ both in the way you look and in the way that
you behave.
I am proud of Toronto, but I am not proud of the Mayor, neither
the ways he looks nor the way he behaves.
Your obligation should be to clean up your act, or quit!
Sincerely,
Armand Gilks
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May 2013 Toronto Market Update
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| Toronto Real Estate Market Report | ||
 Greater Toronto Area sales through the TorontoMLS system were 9,811 in April 2013. This represented a dip of two per cent in comparison to 10,021 transactions in April 2012.Both new listings during the month and active listings at the end of April were up on a year-over-year basis. However, listings were still below the norm for this time of year. “Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah. “It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms. Hannah. The average selling price for April 2013 transactions was $526,335 – up by two per cent in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9 per cent. “The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis. The improved condo sales picture, with Toronto sales down by only one per cent compared to last year, suggests that interest in condo ownership may be improving," said Jason Mercer, TREB's Senior Manager of Market Analysis. | ||
| Activity by Type of Home - April 2013 | ||
Below is breakdown of sales and price activity by type of home and region for April 2013 vs. 2012.
TorontoMLS Sales & Average Price
Sales / Average Price 416 905 Total Detached 1,264 3,675 4,939 Yr./Yr. % Change -11.8% 2.5% -1.6% $852,090 588,784 656,170 2.5% 2.2% 1.1% Semi-Detached 415 681 1,096 Yr./Yr. % Change -5.5% 1.3% -1.4% $595,398 410,739 480,660 2.4% 4.3% 2.7% Townhouse 398 1,123 1,521 Yr./Yr. % Change -3.6% -1.2% -1.9% $433,710 375,269 390,562 2.3% 3.5% 3.1% Condo Apartment 1,479 582 2,061 Yr./Yr. % Change -1.3% -7.3% -3.1% $379,266 273,832 349,493 5.6% -5.9% 3.1% |
Well, we are finally heading into summer and the "spring" market is in full force. It's a good market in that there are a lot of buyers looking, but we still have a shortage of available homes in the more affordable price ranges. Sales activity was stronger in April than earlier in the year as you will see in the numbers below. 
Tuesday, January 29, 2013
January 2013 Newsletter
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| Toronto Real Estate Board Market Report | ||
| Greater Toronto
Area REALTORS® reported 3,690 sales through the TorontoMLS system in December
2012 – down from 4,585 sales in December 2011. Total sales for 2012 amounted to
85,731 – down from 89,096 transactions in 2011. “The number of transactions in 2012 was quite strong from a historic perspective. We saw strong year-over-year growth in sales in the first half of the year, but this growth was more than offset by sales declines in the second half. In the City of Toronto, the dip in sales was at least partially affected by the additional Land Transfer Tax, which buyers must pay upfront,” said Toronto Real Estate Board (TREB) President Ann Hannah. The average selling price in December 2012 was up by 6.5 per cent year-over-year to $478,739. The average selling price for 2012 as a whole was up by almost seven per cent to $497,298. “Robust annual rates of price growth were reported through most months of 2012. Price growth was strongest for low-rise homes, including singles, semis and townhouses. Despite a dip in sales, market conditions remained tight for these home types with substantial competition between buyers,” said TREB’s Senior Manager of Market Analysis Jason Mercer. | ||
| Trend of GTA Sales Informaton | ||
 Below is the sales and price trend for the past 8 years.
As you can see, despite the slower last half of the year in 2012, the overall
year was on a par with the average for previous years. UNIT AVERAGE YEAR SALES %chge PRICE %chge 2005 84,135 +1% $335,907 +7% 2006 83,084 -1% $351,941 +5% 2007 93,193 +12% $376,236 +7% 2008 74,552 -10% $379,347 +1% 2009 87,308 +7% $395,460 +4% 2010 85,535 -2% $431,276 +9% 2011 89,096 +4% $465,014 +8% 2012 85,731 -4% $497,298 +7% | ||
| Rent or Buy? What's Best for You? | ||
 I often get this question from buyers and there is never an easy answer. One of the best calculators that I have seen that helps to answer it is provided by The Globe and Mail. Their site also provides a complet selection of calculators for everything from recovering from a bear market to is it worth the extra drive to save money with cheaper gas. Click here to acces their selection of 33 different financial calculators. | ||
| Old or New: What's Best for You? | ||
 Home buyers
face countless decisions when purchasing a home. One of the first things to
establish is whether you prefer a newer or older home.Comparing newer and older homes can be like comparing apples and oranges. It really depends on your individual preferences and family priorities. Here are a few advantages each type of home offers: Pros of Older Homes
Pros of Newer Homes
Newer homes are usually more functional but existing homes offer a level of character that new homes can't match. You may have a fixed idea of what you prefer but keep an open mind and make sure you're familiar with the pros and cons of each. This is one of the biggest investments you'll ever make so do your research before signing on the dotted line. | ||
| Child's Play Guide to Decorating | ||
 Designing a
room with your child is a great way to spend quality time together. It's also a
great opportunity for them to express their thoughts and opinions with
you.One way to keep things fun is to incorporate a theme into the room's interior design. Remember that a child's interests change rapidly so keep the project simple and flexible. Wall stickers are a great choice as they're inexpensive, come in a variety of themes, cover large areas and are easy to put up and take down. This flexibility gives your child the freedom to shape the look and feel themselves. Stickers are also a great way to create boundaries if your kids share a room. Display tables and shelves are an excellent way to showcase decorative items. Framing family photos or your child's artwork in bright or homemade frames is another nice personal touch. Finally, attractive storage baskets are great accessories and make tidying up a cinch! A child's vision of a perfect room isn't usually as complex or as costly as you'd expect. With just enthusiasm alone, you can make your child's day by decorating their room with a few simple items rather than investing weeks of time and lots of money. | ||
| A Text Message Tutorial 4 U!! | ||
 The language of
texting is constantly evolving. You're probably up on many of the standard
texting abbreviations but here are a few that you may not be aware
of:
If you want to check out a complete text dictionary just click on this link. It’s important to familiarize yourself with this new language, especially if you have kids or office colleagues who are communicating in short form. TTYL :-) |
Monday, December 31, 2012
Top Reasons to Live in Canada
All About Canada.....
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Monday, August 20, 2012
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An ironic example of our longing for the "good old days" is to snap a photo with a state of the art smartphone and then tweak it with a faded, black and white nostalgic type effect.
The
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